Early retirement
If you like the idea of taking your pension before your Normal Pension Age, you may be interested in early retirement.
Your employer can agree not to reduce your LGPS benefits. This is an employer discretion, which is how your employer applies certain rules relating to your pension. You can ask them what their policy is on this. You can also reduce or avoid any reductions by taking your pension later.
Please note
The Government has announced that the earliest age you can take your pension will increase from age 55 to 57 from 6 April 2028. This will apply to flexible retirement too.
| Years early | Pension reductions | Lump sum reductions |
| 0 | 0% | 0 |
| 1 | 4.9% | 1.7% |
| 2 | 9.3% | 3.3% |
| 3 | 13.5% | 4.9% |
| 4 | 17.4% | 6.5% |
| 5 | 20.9% | 8.1% |
| 6 | 24.3% | 9.6% |
| 7 | 27.4% | 11.1% |
| 8 | 30.3% | 12.6% |
| 9 | 33% | 14.1% |
| 10 | 35.6% | 15.5% |
| 11 | 39.5% | N/A |
| 12 | 41.8% | N/A |
| 13 | 43.9% | N/A |
If you choose to take early retirement, your pension benefit increases are automatically worked out by our online calculators. Get an estimate today by logging in to PensionPoint and visiting the online calculator page.
